S&P assigns Melrose B-, bond CCC+

Standard & Poor's said it assigned its B- long-term corporate credit rating to Melrose Resources plc.

The outlook is stable.

At the same time, the agency said it assigned its CCC+ senior unsecured debt rating to a proposed €250 million bond to be issued by the company.

The ratings are restricted by the small size of the company's production and asset base, S&P noted, adding that Melrose has limited diversity and the company's aggressive capital expenditure plans and already high debt levels further restrict the ratings.

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